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DANONE
REGISTRATION DOCUMENT 2015
Danone's business highlights in 2015 and outlook for 2016
3.4 Balance sheet and financial security review
64
Change during the period
(in € millions)
2014
2015
As of January 1
3,244
2,558
New options and options recognized previously in accordance
with IAS 39
−
207
Options exercised
(a)
(341)
(1,851)
Changes in the present value of the option strike price of
outstanding options
(345)
(52)
As of December 31
2,558
862
(a) Carrying amount on the balance sheet date of the preceding fiscal year.
See also Note 3.6 of the Notes to the consolidated financial statements.
Net debt and net financial debt
Net debt
As of December 31
(in € millions)
2014
2015
Non-current financial debt
6,598
8,087
Current financial debt
4,544
2,991
Short term investments
(2,317)
(2,514)
Cash and cash equivalents
(880)
(519)
Derivatives – assets – Non-current
(153)
(125)
Derivatives – assets – Current
(28)
(120)
Net debt
7,764
7,799
Change in net debt in 2015
Danone's net debt was stable compared with 2014 at €7,799 million on December 31, 2015. This includes €862 million in put options
granted to minority shareholders, down €1,696 million from December 31, 2014.
Transition from net debt to net financial debt
As of December 31
(in € millions)
2014
2015
Net debt
7,764
7,799
Liabilities related to put options granted to non-controlling
interests – Non-current
(349)
(248)
Liabilities related to put options granted to non-controlling
interests – Current
(2,209)
(614)
Financial debt excluded from net debt
(2,558)
(862)
Net financial debt
5,206
6,937